The later-life lending market is going from strength to strength following the slowdown that all elements of the mortgage market experienced early in the Covid-19 pandemic.
Predictions are that this upward trajectory will continue in years to come; unsurprising, really, with an ageing population and increasing life expectancy meaning there will ultimately be more demand for borrowing in later life.
The growth is undeniable when analysing the numbers: there were 88 lifetime equity release products available in August 2016, compared to 812 in October this year.
Even those brokers who don’t intend to advise in the later-life market are recommended to gain at least a basic level of understanding on the options
However, there are many mortgage brokers who remain unfamiliar with, or uninterested in, the sector, despite the Equity Release Council estimating its worth at £4bn a year.
The market provides great opportunities for brokers and in the cover feature of this special supplement advisers are urged to improve their knowledge of equity release and the increasing number and variety of products in this market, and not to fear it.
Many brokers remain unfamiliar with, or uninterested in, the sector, despite the Equity Release Council estimating its worth at £4bn a year
Our second feature explores why a lack of brokers educated in the later-life space could hinder its potential for growth.
Even those brokers who don’t intend to advise in the later-life market are recommended to gain at least a basic level of understanding on the options, so they can refer clients whose needs would be better met elsewhere, ensuring the best advice is received.
Doing the right thing by the client will always be rewarded in the long run.
